Nordic Shipholding — M&A Activity 2011

Feb 28, 2011

Nordic Tankers acquires 1½ Handysize Product Tanker from joint venture partner

Company announcement No. 7/2011 Published via NASDAQ OMX on 28 February 2011

Nordic Tankers has today completed the acquisition of the remaining part of Nordic Seaarland Tankers B.V. from its joint venture partner Marco Polo Seatrade B.V. The acquired shares represent an ownership interest equivalent to 1½ Handysize Product Tanker, and the acquisition increases Nordic Tankers' total ownership of Product Tankers from 4½ vessels up to 6 fully owned vessels, namely 5 Handysize vessels of 37,000 dwt and one LR1 vessel of 73,000 dwt.

Since 2006 Nordic Tankers and its partner have jointly owned the 5 Handysize Product Tanker vessels through the company Nordic Seaarland Tankers B.V., of which Nordic Tankers owned a total of 3½ vessels (one vessel 100% and between 50% and 75% of the four other vessels). Nordic Tankers now acquires two 25% stakes and two 50% stakes and thus now owns all 5 vessels fully.

All 5 vessels will continue to be employed in the Maersk Handytankers Pool.

The purchase price is partly settled through an assumption of bank debt related to the vessels and partly through an earn-out mechanism related to the future earnings and sales proceeds.

"The acquisition marks a continuation of Nordic Tankers' focus on profitable growth, and reflects our belief that the current historical low freight markets will improve over the coming years" said Nordic Tankers CEO Tommy Thomsen.

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For further information, please contact:

Tommy Thomsen, CEO, Nordic Tankers: +45 40 32 36 30

About Nordic Tankers

Nordic Tankers is a Danish shipping company listed on NASDAQ OMX Copenhagen. Nordic Tankers operates a fleet of around 70 chemical and product tankers, with a main strategic focus on chemical tankers in the segment below 25,000 dwt. As of 1 February 2011 Nordic Tankers further operates the Nordic Womar pool jointly with Womar, which will grow the total operated fleet to approximately 100 vessels. Nordic Tankers has offices in Copenhagen (headquarters), Stamford (Connecticut, U.S.), Houston (Texas, U.S.), Bogota (Colombia) and Riga (Latvia) and has about 130 employees.

www.nordictankers.com